(A) National Pension Scheme:
- The National Pension Scheme is a voluntary contribution of the pension system in India which is sponsored by the government of India.
- This scheme was started by the Government of India in 2004 for all government employees.
- The scheme was made open to all citizens in 2009. It is a voluntary and long-term retirement scheme. It is regulated by Pension Fund Regulatory and Development Authority (PFRDA) and the central government.
- Any employee from the public, private, and even the unorganized sectors can opt for this.
- Personnel from the armed forces are not allowed. The scheme is open to all across industries and locations.
(B) Pradhan Mantri Suraksha Vima Yojana:
- The scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join/enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis.
- Aadhar would be the primary KYC for the bank account. The risk coverage under the scheme is ₹ 2 lakh for accidental death and full disability and ₹ 1 lakh for partial disability.
- The premium of 112 per annum is to be deducted from the account holder’s bank account through ‘auto-debit facility in one installment.
(C) Pradhan Mantri Jeevan Jyoti Vima Yojana:
- Pradhan Mantri Jeevan Jyoti Vima Yojana is available to people between 18 and 50 years of age with a bank account.
- This scheme was launched on 9th May 2015 by Prime Minister Narendra Modi in Kolkata.
- It has an annual premium of ₹ 330. In case of death due to any cause, the payment to the nominee will be ₹ 2 lakh.
- As of 31st March 2019, 5.92 crore people have already enrolled for this scheme.
(D) Atal Pension Yojana:
- Atal Pension Yojana is a pension scheme under the Government of India.
- This scheme replaces the Swavalamban Yojana and was established to provide old age income security to the workers belonging to the unorganized sector.
- The Atal Pension Yojana was launched by Prime Minister Narendra Modi on 9th May 2015 in Kolkata.
- The scheme focuses on encouraging workers of the unorganized sectors to save for their future (Age limit 18-40 years).
(E) Indian Postal Payments Bank :
- The Indian Postal Payment Bank was launched on September 1, 2018, by Prime Minister Narendra Modi that aims at making banking services available at people’s doorstep.
- This is a 100% Government-owned public sector bank, operating with the Department of Posts under the Ministry of Communications.
- IPPB would be like any other bank but it will operate at a smaller scale without involving any credit risks and can’t issue advance loans or issue credit cards.